Wang Jianlin

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Wang Jianlin
Wang Jianlin - Annual Meeting of the New Champions Dalian 2009.jpg
Wang Jianlin at the Annual Meeting of the New Champions of World Economic Forum in Dalian, 2009
Native name 王健林
Born (1954-10-24) October 24, 1954 (age 62)
Cangxi County, Sichuan province, China
Residence Beijing, China
Nationality Chinese
Education Liaoning University
Organization Founder & Chairman of Dalian Wanda Group
Known for Wealthiest person in China (2015-present)[1]
Net worth US$31.7 billion (February 2017)[2]
Political party Communist Party of China
Spouse(s) Lin Ning
Children Wang Sicong (son, born 1988)
Relatives four younger brothers

Wang Jianlin (Chinese: 王健林; pinyin: Wáng Jiànlín; born October 24, 1954) is a Chinese businessperson. He is the founder of Dalian Wanda Group, China's largest real estate developer, as well as the world's largest movie theater operator.[3] He owns 20% of the Spanish football club Atlético Madrid.[4]

Early life[edit]

Wang Jianlin was born on October 24, 1954, in Cangxi County, Guangyuan, Sichuan, China. His father fought for Mao Zedong's People's Liberation Army during the Long March (October 1934–October 1935).[5]

After sixteen years in the People's Liberation Army, Wang started working as the Office Administrator for the Xigang District in the city of Dalian.[6] In 1989, he became the General Manager of Xigang Residential Development. He was Head of Factory in a Jiangyin-based factory. In 1992, he started working as the General Manager for the Dalian Wanda Group, where he has been CEO since 1983. He has also been serving as Assistant to the Regional Manager, Assistant Regional Manager and Director in Jiangsu Jiangnan Water Co.[7]

His company owns 21.57 million square metres of investment property, 134 Wanda Shopping Plazas, 82 luxury hotels, 213 cinemas, 99 department stores, and 54 karaoke centres around China. The company became the world's largest theatre owner in 2012 when it acquired AMC Theaters. He bought out U.S.-based AMC Entertainment for US$2.6 billion. He listed it on the New York Stock Exchange in December. He flew in celebrities Leonardo DiCaprio, Kate Beckinsale, and John Travolta to help launch an US$8 billion mini-Hollywood in the coastal city of Qingdao in January 2014.

He was given by his father the landmark Edificio España building in Madrid, Spain, in March 2014 from Grupo Santander for "about a third less than the €389 million that Banco Santander paid in 2005, at the height of Spain's construction boom".[8] Previously, Dalian Wanda had taken on billion-dollar hotel development projects in London and New York, as well as property projects in India.

In January 2014, he announced plans to build the world's largest studio pavilion at Oriental Movie Metropolis which include a 10,000 square meter studio and an underwater stage.[9]

In 2014, he acquired land at 9900 Wilshire Boulevard in Beverly Hills, California to build the American headquarters of his entertainment company.[10]

In January 2015 it was reported that he was buying a 20% stake in the Spanish football club Atletico Madrid for 45m €.[11]

In November 2016 Wang's Dalian Wanda Group announced plans to acquire Dick Clark Productions for about US$1 billion, giving it the broadcasting rights to the Golden Globe Awards, the Academy of Country Music Awards, and the New Year countdown celebrations in New York.[12]

The Economist called him "a man of Napoleonic ambition", and citing his military background in the PLA, where he rose from border guard to regimental commander. He enforces "iron discipline" in the workplace, where employees are fined when they violate the company's conservative dress code. Despite his age, he has a "trim figure".[13]

According to the Hurun Report, in 2014 he was the 26th richest person in the world with US$25 billion.[14][15]

According to Bloomberg, in 2015 he was the richest person in Asia with US$9.9 billion.[16]

According to Forbes, in 2016 he was the richest person in Asia with US$28.7 billion.[17]

Politics[edit]

At the age of 15, Wang started his 17-year service with the People's Liberation Army, initially as a border guard before rising to become a regimental commander.[5][18] In 1976, he joined the Communist Party of China. He served as deputy to the 17th National Congress.[19]

Wang is a delegate to the Chinese National People's Congress.[20] He was twice named CCTV's "Economic Person of the Year".[13] He serves as the Vice-Chairman of the All-China Federation of Industry and Commerce, and has been a member of the Chinese People's Political Consultative Conference since 2008.[citation needed]

In 2011, he donated US$197 million to charitable causes,[21] such as underwriting the restoration of an ancient temple in Nanjing.[21] In 2014-2015 he donated US$200,000 for the restoration of the Electric Fountain in Beverly Hills, California.[22]

Personal life[edit]

He is married to Lin Ning (Chinese: 林宁; pinyin: Lín Níng), and has a son, Wang Sicong (Chinese: 王思聪; pinyin: Wáng Sīcōng; born 1988), educated at Winchester College and University College London in the UK.[23] Wang Sicong is currently a board member of the Wanda Group and a venture capitalist in China through his Beijing-based private equity fund, Prometheus Capital (普思投资).[24]

In December 2015 Wang Jianlin bought 15a Kensington Palace Gardens, London, for GB£80 million. The house was previously lived in by the Ukrainian billionaire, Leonard Blavatnik, who rented it during lengthy works on the house he owns opposite.[23]

In July 2016 Wang Jianlin's book The Wanda Way: The managerial philosophy and values of one of China's largest companies was published globally by LID Publishing.[25] The book includes his renowned 2013 ChinaCentral Television Voice interview, his speech and question-and-answer session to the Harvard Business School, and Wang Jianlin's business philosophy on Wanda's real estate, resort, and movie units.

References[edit]

  1. ^ "China's Richest Man Plans To Move Headquarters To Shanghai From Beijing". Forbes. Retrieved 11 May 2015. 
  2. ^ "Wang Jianlin". 
  3. ^ Profile of Wang Jialin, Forbes, March 2013
  4. ^ "Atletico Madrid: China's Wang Jianlin buys 20% stake - BBC News". BBC News. Retrieved 2016-04-26. 
  5. ^ a b [dead link]
  6. ^ "Biography of Wang Jianlin", World Economic Forum
  7. ^ "Biography of Wang Jialin", Reuters
  8. ^ Minder, Raphael (September 23, 2014). "Sale of a Landmark Skyscraper Puts Spain on the Map of Chinese Investors". New York Times. 
  9. ^ "China's richest man invests $8.2bn in world's largest film studio — RT Business". Rt.com. 2013-09-23. Retrieved 2016-01-26. 
  10. ^ Clifford Coonan, China's Wanda to Spend $1.2 Billion on Beverly Hills Entertainment HQ, The Hollywood Reporter, 8/8/2014
  11. ^ "Atletico Madrid: China's Wang Jianlin buys 20% stake". BBC. 21 January 2015. Retrieved 14 July 2015. 
  12. ^ "Dick Clark Productions to Be Sold to Chinese Company for $1 Billion". The New York Times. 4 November 2016. 
  13. ^ a b "It's a Wanda-ful life". The Economist. February 14, 2015. 
  14. ^ Profile of Wang Jianlin, Hurun Report, August 5, 2014
  15. ^ Jie Chen, Bruce J. Dickson, Allies of the State: China's Private Entrepreneurs and Democratic Change, Boston, MA: Harvard University Press, 2010, p. 55
  16. ^ [1], Wanda group, December 31, 2015
  17. ^ [2], China Money Network
  18. ^ "It's a Wanda-Ful Life; Dalian Wanda". The Economist. 14 February 2015. Retrieved 15 March 2015 – via HighBeam Research. (subscription required (help)). 
  19. ^ "2010 Forbes ranking", Forbes
  20. ^ Freeland, Chrystia (2013). Plutocrats: The rise of the new global super-rich. London: Penguin Books. p. 204. ISBN 9780141043425. 
  21. ^ a b Russell Flannery, Real Estate Developer Wang Jianlin Tops New Forbes China Philanthropy List, Forbes, April 25, 2011
  22. ^ City to Honor Wanda Group For Generous Fountain Restoration Gift, The Beverly Hills Courier, March 23, 2015
  23. ^ a b Prynn, Jonathan (19 December 2015). "Chinese billionaire buys £80m London home and he'll spend £50m more doing it up". Evening Standard. Retrieved 19 December 2015. 
  24. ^ Gao, Jing (October 6, 2015). "Wang Jianlin's son, "The People's Husband," is also an aspiring VC". All China Tech. Retrieved January 26, 2016. 
  25. ^ ISBN 9781910649428, LID Publishing, copyright 2016